New job

[FraserG]

So I've been a bit quiet recently (I know you're all pleased by that) because I finished my research at the end of March and was busy sorting out a new contract with the company I did the research with to continue some software development for them. I start today, so I can be back online with more frequent readings - last month was spent doing DIY and travelling and a general break from computers (sorry not sorry).

So I've now entered the world of work after 22 years of being a student (starting at age 4 in primary school - I'm sure most of you can remember 1995 better than I can...) to now. I've submitted by thesis for my doctorate but have not yet had the viva, so I may yet still fail (but one would hope not!).

Any tips to a young, fresh faced fool in the workplace then? Anything to do early or avoid doing to improve the next 40 years? :-P

[Kingy]

If you get sent for a tin of striped paint on your first day ...





Congrats on the job. Do you get to wear big boy pants now?

Best thing I ever did was set up my mortgage so I paid it off before I was 50. I'd recommend that to anyone as that's around the time of life that shit can happen (as I can testify over the last year plus) and having no financial worries means on (big) thing less to worry about.

Enjoy your job. If it's shite - give it a year then move on. Life is too short to have little/ no enjoyment in something which will take up so much of your time.
Don't be a doormat. Staying on and working is ok, but don't make it the norm. Life/ short - you get the idea.

[speedymadR6]

Congrats! Yeah agree with Kingy, there has to be a work life balance.

[Ghost2]

Congrats. At 26 enjoy life for a while, wine, women & bikes. As kingy said set up Mortgage & pension asap as your Gov. retirement age will be close to 80!!! Good luck.

[FraserG]

(04-30-2018, 07:48 PM)Kingy Wrote: If you get sent for a tin of striped paint on your first day ...





Congrats on the job. Do you get to wear big boy pants now?

Best thing I ever did was set up my mortgage so I paid it off before I was 50. I'd recommend that to anyone as that's around the time of life that shit can happen (as I can testify over the last year plus) and having no financial worries means on (big) thing less to worry about.

Enjoy your job. If it's shite - give it a year then move on. Life is too short to have little/ no enjoyment in something which will take up so much of your time.
Don't be a doormat. Staying on and working is ok, but don't make it the norm. Life/ short - you get the idea.

No striped paint but I did have to sit through 6 hours of Health & Safety videos with tests at the end that a seven year old could accomplish! I've pretty much presumed that if I want to retire before the age of 80 that I will need to have my own pot, so I'm planning to set up some standing orders after the first paycheck - any recommendations on types of pension plan or savings accounts to look into?

I'm hoping the work will be fun, I had a hand in creating the role before I started it so I'm hoping it'll be the perfect role (give or take a couple of things) for a few years. I'm hoping to take advantage of some foreign travel here (it's been suggested I may need to take a trip to see a guy in one of our foreign offices before he leaves to do a handover - just a shame he works in the Edinburgh office and not Dubai... but maybe the next guy!)

As for big boy pants, no, not yet, mainly cos the Tax Man is stealing far more than I would like still, I had a good run of non-tax-paying so it's time to put a little back I suppose...

[jollyjoiner]

Arrrr the boys all grown up

Like Kingy said, enjoy what you do and if it gets too much of a chore then move on, don't get stuck in the same dead end job. I'm sure you will be fine though and I can see you going onward and upwards as I don't know how but you seem to be a bright kid

[FraserG]

(05-02-2018, 08:39 AM)jollyjoiner Wrote: as I don't know how but you seem to be a bright kid

It's being around all you lovely people helped me to grow and blossom That or a chemical accident when I was younger...

[Kingy]

(05-02-2018, 09:10 AM)FraserG Wrote: It's being around all you lovely people helped me to grow and blossom That or a chemical accident when I was younger...

Fuck me ... You've just revealed you are Spiderman! 

[Kingy]

(05-01-2018, 09:14 AM)FraserG Wrote: I've pretty much presumed that if I want to retire before the age of 80 that I will need to have my own pot, so I'm planning to set up some standing orders after the first paycheck - any recommendations on types of pension plan or savings accounts to look into?

You will be entered into workplace pension by default as thats the law. So, just consider how much you wish to add to that once you have the details. Don't go mad from the off. Whilst pensions are a good vehicle to provide money at retirement I'm not personally a huge fan because if you die - your pension dies with you. (Unless you are married and have it set up to split part of it to your spouse). Either way, die and you have wasted a shit load of money! So - I'd err on the side of caution making sure you have an adequate pension in place which you can add to if necessary. 

Otherwise - Concentrate on that mortgage. Seriously. Get it paid off as soon as is economically possible. You will benefit more this way as domestic property is unlikely (bar another crash) to drop in value. Even if it does it will climb again. Once paid off* you suddenly have a lot of money and can enjoy that for a while plus put it to good use. Premium Bonds etc. pay out better than most savings based vehicles. 
Alternatively with 'significant' spare wedge buy another property to rent out. Domestic (despite new laws) is still potentially more attractive than Commercial as Commercial doesn't increase in value the same (its only just recovering toward 2008 levels).

[FraserG]

(05-02-2018, 06:13 PM)Kingy Wrote:

(05-01-2018, 09:14 AM)FraserG Wrote: I've pretty much presumed that if I want to retire before the age of 80 that I will need to have my own pot, so I'm planning to set up some standing orders after the first paycheck - any recommendations on types of pension plan or savings accounts to look into?

You will be entered into workplace pension by default as thats the law. So, just consider how much you wish to add to that once you have the details. Don't go mad from the off. Whilst pensions are a good vehicle to provide money at retirement I'm not personally a huge fan because if you die - your pension dies with you. (Unless you are married and have it set up to split part of it to your spouse). Either way, die and you have wasted a shit load of money! So - I'd err on the side of caution making sure you have an adequate pension in place which you can add to if necessary. 

Otherwise - Concentrate on that mortgage. Seriously. Get it paid off as soon as is economically possible. You will benefit more this way as domestic property is unlikely (bar another crash) to drop in value. Even if it does it will climb again. Once paid off* you suddenly have a lot of money and can enjoy that for a while plus put it to good use. Premium Bonds etc. pay out better than most savings based vehicles. 
Alternatively with 'significant' spare wedge buy another property to rent out. Domestic (despite new laws) is still potentially more attractive than Commercial as Commercial doesn't increase in value the same (its only just recovering toward 2008 levels).

Thanks for the advice Kingy - I think I'm currently putting in my legal minimum for the pension to receive the minimum employer contributions. I'll speak to Doris at the weekend and see where she's at career wise to see what we can lump off quickly on the mortgage. Are there any restrictions on second-home-buying for renting? I heard rumours they were trying to clamp down on it but haven't been able to find much that answers the question online (in a non-jargon filled way anyhow).